Smarter Loans Inc. is not a lender. Smarter.loans is an independent comparison website that provides information on lending and financial companies in Canada. We work hard to give you the information you need to make smarter decisions about a financial company or product that you might be considering. We may receive compensation from companies that we work with for placement of their products or services on our site. While compensation arrangements may affect the order, position or placement of products & companies listed on our website, it does not influence our evaluation of those products. Please do not interpret the order in which products appear on Smarter Loans as an endorsement or recommendation from us. Our website does not feature every loan provider or financial product available in Canada. We try our best to bring you up-to-date, educational information to help you decide the best solution for your individual situation. The information and tools that we provide are free to you and should merely be used as guidance. You should always review the terms, fees, and conditions for any loan or financial product that you are considering.
Canadians perceive inflation to be double the actual rate, with young consumers estimating it even higher. Rising mortgage payments and increased food prices contribute to this perception, impacting consumer choices and leading to reduced spending as many anticipate a potential recession in the near future.
The article discusses the Canadian federal government's efforts, as outlined in the 2023 Fall Economic Statement, to address the ongoing housing affordability crisis in the country. Measures include incentivizing builders to increase housing supply, offering loans for rental housing construction, adjustments to vacant housing taxes, and changes to short-term rental regulations. These initiatives aim to tackle high housing prices and rents, though many are expected to take several years to yield significant results.
When deciding between fixed or variable mortgages upon renewal, Canadians facing this decision should consider two key factors: the outlook for interest rates and their own risk tolerance. Historically, variable rates were favorable during low-rate periods, but with current economic uncertainties, locking in a fixed rate could provide stability and predictability in monthly payments. However, the path of short-term interest rates suggests that variable rates may see a decline in the coming months, making them an attractive choice for those who can tolerate some uncertainty. Ultimately, the decision should be based on individual financial circumstances and the willingness to embrace potential rate fluctuations.
The Bank of Canada, once focused on raising interest rates, may now be considering a pause due to changing economic conditions. In response to high inflation, the central bank had aggressively increased rates in 2022, but the economy has shown signs of deceleration. If the economy continues to weaken, the Bank of Canada could reverse its rate-hiking strategy and lower interest rates in early 2024. This potential shift could impact various financial aspects, including mortgage rates and savings account returns, making it important for individuals to stay informed about the changing economic landscape.
The article explores the consequences of rising interest rates in Canada, leading to concerns among homeowners and businesses facing higher borrowing costs. Political leaders have criticized the Bank of Canada's rate hikes, attributing increased inflation to these actions. Bank of Canada Governor Tiff Macklem expressed concerns about inflation progress. Interest rates influence economic behavior and are tied to the Consumer Price Index (CPI). Economists predict rates to stay at five percent until at least Q3 2024, with further increases in 2025.
Canadian homeowners can access government programs for greener home retrofits, including interest-free loans of up to $40,000 over ten years (Canada Greener Homes Loan), grants of up to $5,000 (Canada Greener Homes Grant), and a 25% mortgage insurance premium reduction (CMHC Eco Plus). These retrofits help improve energy efficiency and can lead to significant long-term savings, with potential reductions of up to 78% in energy costs over ten years, making them a wise investment amid rising energy prices.
Businesses considering taking on additional debt due to increasing interest rates might be interested in equipment financing options. Instead of paying a substantial upfront sum, businesses can turn to lenders like Armada Credit Group to acquire equipment such as production lines, trucks, or heavy machinery. This approach can lead to quick productivity gains. Armada Credit Group, led by CEO Danny Lebovics, provides fixed-rate term financing for equipment, typically spanning 48 to 72 months for repayment.
As it becomes more difficult to secure a mortgage traditionally through a bank, Canadians are turning to the private mortgage option. Increasing more people are using private mortgage brokers to finance homes for various reasons. The high interest rates are putting pressure on homeowners and some people simply aren’t able to get a mortgage at their bank. Private mortgages in dollar value are at $22.4 billion in Ontario alone.
Amidst the rising interest rates in Canada, homeowners, especially those with large loans like mortgages, are facing financial concerns. The unexpected hikes have resulted in higher monthly payments, posing challenges to stay in their homes. However, there are solutions to ease the burden during this economic climate. For eligible homeowners, a reverse mortgage offers a viable option, allowing them to eliminate mortgage payments and securely remain in their homes.
Discover 13.5 invaluable tips to save big on Auto and Home Insurance in Canada! Uncover province-specific strategies, understand how different factors influence your rates, and learn how to navigate public systems in British Columbia, Manitoba, and Saskatchewan. From shopping around to bundling options, this article holds the key to unlocking substantial savings on your insurance costs.
Personal loans can be an effective financial tool to manage your expenses when you are short on cash. They are unsecured loans that can be used for a variety of purposes, such as paying off credit card debt, consolidating high-interest loans, or funding a major purchase.
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Smarter Loans is Canada’s first, biggest and most complete loan comparison website. On Smarter Loans you can browse and choose from over 50 loan providers in Canada. The website makes it simple to compare products, fees, eligibility requirements and terms for a wide range of loan providers in the country. Smarter Loans helps people make smarter financial decisions by educating them about Canada’s most innovative financial products, and connecting them with Canada’s top financial companies in a safe, fast and convenient way.
Smarter Loans is Canada’s online loan directory for any type of financing. Smarter Loans helps connect Canadian borrowers looking for any loan with lending companies that offer innovative financial products in Canada. Using the comparison chart on Smarter Loans you can find and compare many of Canada’s loan providers all in one place. Once you select a loan company you want to connect with you can start the application process with them entirely online.
Another way that Smarter Loans can help with finding a loan is through the “Pre-Apply” function. Canadians can answer a few basic questions about the loan that they need and Smarter Loans will connect them with suitable loan options in real-time.
Smarter Loans is NOT a lender and does not directly offer any financing of any kind. Smarter Loans helps Canadians obtain loans and financing, by connecting them with Canada’s best loan providers in a fast, safe and convenient way.
Smarter Loans is Canada’s most trusted source of information about loans and financial companies. Launched in 2016, Smarter Loans now helps over 40,000 nationwide make smarter financial decisions. Smarter Loans was named the “GPS to the World of FinTech Lending” by the Toronto Star in 2019, and featured in many nationwide publications. Smarter Loans is a proud leader in the Canadian financial sector, and an active member of industry associations, including the Canadian Lenders Association, Chamber of Commerce, Canadian Federation of Independent Business, Canadian Equipment Financing and Leasing Association, Canadian Marketing Association and more.
Yes. Over 30 professional journalists and industry experts nation-wide help us research, review and qualify all companies that are featured on Smarter Loans. Only after this thorough review, these select companies are awarded the Smarter Loans Quality Badge, a symbol of trust and quality in the industry. The Smarter Loans Quality Badge is awarded to the select financial companies with an established track record that have consistently demonstrated a commitment to excellent product offerings, customer service, responsible lending practices, transparency and safety for all Canadians.
Smarter Loans currently works with over 50 loan providers in Canada. The list includes loan providers for both personal and commercial loans.
Smarter Loans works with over 100 financial companies from Canada and the US.
You can browse, compare and choose from over 100 financial companies and products on Smarter Loans. All companies and products listed on the website have been carefully reviewed by Smarter Loans staff to ensure transparency, safety and high quality for all Smarter Loans visitors. Companies and products listed on Smarter Loans include loan providers, credit card, accounting software, e-commerce platforms, banks, licensed Insolvency trustees, POS & merchant processing companies, business registration tools, packaging companies and auto dealers.
In order to be a loan provider listed on Smarter Loans a company must meet certain criteria and get approved. The first step is to fill out a lender application online. Once reviewed, Smarter Loans will conduct an in-person or phone interview with the loan provider. Below is the criteria that Smarter Loans looks for before a loan provider gets listed:
No, there are many other legitimate loan companies that operate in Canada but are not listed on Smarter Loans.
Yes, Smarter Loans works with loan providers for any type of loan and all over Canada.
As the go-to destination for loans in Canada, Smarter Loans profiles many innovative financial companies. Users of the website can discover new financial products in a convenient and safe way. The website allows Canadians to apply for financial products online, from the comfort of their home.
Smarter Loans can help Canadians find loans and financing for any purpose, including:
The amount of money you can borrow depends entirely on the type of loan you are applying for, the purpose of the financing, and your individual financial and credit situation. Typically, an unsecured personal loan is between $500 and $15,000. A secured loan such as a home equity or a car title loan can be larger than an unsecured personal loan, because your personal assets are used as collateral. These loans can be between $5,000 and $50,000. Commercial unsecured loans such as working capital small business loans are usually between $10,000 and $100,000 but can be as high as $500,000. For commercial asset based lending where real estate or high value equipment is used as collateral assets, the loan amounts can be $2M and more. These numbers are simple approximations and will change from lender to lender, and from borrower to borrower. Taking on debt should not be taken lightly. Make sure to take the time to understand all the details of your terms and agreement if you are considering any kind of loan, regardless of the amount.
Most of the lenders listed on Smarter Loans are able to deposit the loan proceeds directly into your bank account within 24-48 hours. This may take longer if there is missing or incomplete documentation. Borrowers that thoroughly complete a lender’s online application will receive the loan faster than those that skip parts of the application. In many cases, loans are issued the same day.
Qualification requirements to obtain a loan vary depending on the type of loan you are looking for and the lender you’ve chosen. Explore the various lenders listed on Smarter Loans to see exactly what their qualification requirements are. Typical requirements include being over the age of majority, a Canadian resident, and steady income from employment so that the lender feels confident that you will be able to repay your loan. For business loans, you will need to show steady and provide bank statements. Home equity loans are for homeowners and car title loans are for car owners. Since different loan types are more appropriate for different situations, it is important to explore and understand all available options to make the most informed decision for your circumstances.
To let us help you find the most suitable loan provider, you will need to provide some basic personal info like your name, email, location, phone. You will also be asked specific loan questions to help us narrow down the search, this includes things like requested loan amount, employment status, income, reason for taking out the loan, and if there are any current debts.
Yes, Smarter Loans works with over 50 loan providers in Canada, and many of them are able to help people with less than perfect credit. Keep in mind, that having bad credit will have an impact on interest rates that you might be charged. Please review the terms of any loan agreement before taking out a loan.
Smarter Loans offers several unique types of resources to help Canadians make smarter financial decisions. This includes complete profiles for all companies that contain information on their products, interest rates, terms, fees, eligibility requirements and other details, a loan search engine to locate exact solutions for any given situation, and a learning centre with over 200 articles about the most popular financial topics. The website also features tools like loan search, loan calculators, educational guides, and helpful videos.